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00:02History is not an exact science. It is never set in stone.
00:16As time passes, knowledge of the past is refined and evolves.
00:28But by definition, existing ideas have thick skins, and are hard to shift.
00:50To understand the realities of the world, you sometimes have to shake them up, and decipher
00:55the facts by looking at them another way.
01:17The subprime crisis sticks in the mind as an American disaster.
01:32And yet...
01:38On the 1st of July 2006, America's golden age of property breathed its last.
01:48Millions of families who had taken out loans at variable interest rates saw their payments skyrocket.
01:55Unable to honour their commitments, many were evicted.
01:59Their homes were seized and put back on the market.
02:05The market soon became saturated and prices tumbled.
02:12Loan companies who had shown little regard for their customers' solvency were ruined.
02:20The subprime crisis had just begun.
02:38The thousands of families expropriated in 2007 were just the first victims of the crisis.
02:47The credit companies that had offered them terms had simultaneously been the sorcerer's apprentice of finance.
02:57Through clever sleight of hand, they turned their clients' debts into a financial product of an unequalled profitability.
03:07Known as subprimes, these miracle investments attracted speculators from all over the world, giving birth to a genuine El Dorado
03:16from which the big international banks made endless profits.
03:24With the collapse of the American housing market, these once desirable securities had become toxic.
03:31Their holders realised it was a huge con-trick and tried to get rid of them as discreetly as they
03:37could.
03:44On the 9th of August 2007, France committed a blunder.
03:51The BNP Paribas Bank closed three of its investment funds that were index-linked to the American housing market.
04:01Its customers only learned of it from the press.
04:04They would never get their money back.
04:07This triggered a chain reaction.
04:10In just a few hours, the news spread through the financial world.
04:15Any subprime holder was in danger of going bankrupt.
04:21Mistrust turned to fear.
04:23The banks stopped lending.
04:25Money stopped circulating.
04:27The global economy ground to a halt.
04:35The central European bank reacted immediately.
04:39Its governor, Jean-Claude Trichet, opened the liquid assets floodgates.
04:49In a bid to reboot the system, 156 billion euros were provided to the union's cash-strapped banks.
04:59In less than 24 hours, a huge lifesaver was unconditionally injected into the banking sector.
05:06It was in vain.
05:10The stock markets plummeted.
05:14I would not sell negative.
05:16We would sell in very bad circumstances.
05:21BNP's woes boomeranged back to the USA.
05:25The financial markets around the world have been roiled by difficulties in France.
05:33The finance minister, Christine Lagarde, cut short her holiday to give the people of France a lesson in macroeconomics.
06:01The first warning shot of the subprime crisis was not taken seriously.
06:14One month later, the British bank Northern Rock, having gambled too heavily on subprimes, was on the brink of bankruptcy.
06:24All over the United Kingdom, investors rushed to recoup their savings.
06:31Among many of Northern Rock's 1.5 million savers, confidence is evaporating.
06:37An estimated 1 billion pounds has been withdrawn already.
06:52The British stiff upper lip remained firm.
06:55But the credibility of Europe's financial capital had been seriously damaged.
07:01With its back to the wall, the government had to bail out the stricken bank.
07:06This nationalisation was very costly for taxpayers, but allowed investors to hold on to their savings.
07:17In the autumn of 2007, on either side of the Atlantic, money was being printed at an unprecedented rate.
07:24Almost 300 billion euros were injected into the international banking system.
07:31It was a first ever.
07:37Short of liquid assets during the summer, these same banks rewarded their shareholders.
07:43In late 2007, the dividends paid out were higher than the previous year.
07:51Order seemed to have been restored.
07:56And yet...
07:57The American banking giant Lehman Brothers looks set to bite the dust.
08:05Lehman Brothers has filed for the biggest bankruptcy in history.
08:09The collapse of America's fourth biggest business bank marked the peak of the crisis.
08:21That very evening, its employees left its Manhattan headquarters.
08:26What is your reaction to that?
08:28Anger? Sadness?
08:30You know, I never thought it would come to this.
08:32It's just a tragedy. 25,000 employees.
08:36It was Monday, the 15th of September, 2008, and a vicious circle was set in motion.
08:44The crash, which had been gestating for months, put the Treasury Secretary, Henry Pawson, on the rack.
08:50Good afternoon.
08:52Good afternoon, everyone.
08:53And I hope you all had an enjoyable weekend.
08:59Yeah, yeah.
09:01Well, as you know...
09:02A nervous laugh that did little to disguise the predicament the American authorities were in.
09:09The day after the biggest financial collapse in history, all the markets caved in, and losses were colossal.
09:20But the main concern for the American Federal Reserve was Europe.
09:27Its governor, Ben Bernanke, thought that the old continent would be unable to withstand the tsunami that was about to
09:34hit it.
09:35And he was to be proved right.
09:45Just like Wall Street, London, Paris, and Frankfurt nosedived.
09:52But the big powers of the European Union were still not on high alert.
10:00What we are in agreement with the banks in Germany and with the Bundesbank, is that the challenges in Germany,
10:06unfortunately, are limited.
10:08That is not on the right shoulder to take, but we realize that our German universal bank system is more
10:13robust.
10:14The mechanisms are in place. The banks are alerted.
10:29The Europeans displayed a puzzling nonchalance, as if the subprime cyclone was going to spare them.
10:39At this point, France assumed the presidency of the Union.
10:43President Nicolas Sarkozy was its mouthpiece.
10:47In a fervent speech, he denounced the excesses of the financial world.
10:53The self-regulation, to solve all the problems, is over.
11:00The let's do, is over.
11:03The all-power market, who has always right, is over.
11:11Once keen to promote the introduction of subprimes in France, Sarkozy suddenly became the sworn enemy of capitalism.
11:18His indictment delighted his ministers and militants.
11:22But by not having a clear strategy, he allowed the crisis to escalate.
11:34Four days later, Ireland went under.
11:40Though the losses of its three biggest banks were the equivalent of eight times the national GDP,
11:46Finance Minister Brian Lenehan committed to guaranteeing them.
11:52It was an outlandish promise.
11:54The whole country was now at risk of bankruptcy.
12:03Lenehan would admit that this senseless decision was taken after a call from the President of the European Central Bank,
12:10who convinced him to save his banks at any cost.
12:15Jean-Claude Trichet, for his part, has always denied applying any kind of pressure.
12:24The crisis worsened with every passing day.
12:28Every bank was under threat.
12:31The only possible defense was an intervention at European level.
12:35But Germany was firmly opposed to this.
12:39Jean-Claude Trichet was emphatic.
12:42A common European solution is not appropriate, as the Eurozone is not a budgetary union.
12:51The President of the Eurogroup, Jean-Claude Juncker, went one better.
12:56This crisis comes from the USA.
12:58It is deeper.
13:00Europe will get by with national solutions.
13:06The myopia of the Union's leaders prevented any European action.
13:17At the same time, the USA launched a $700 billion plan for stabilizing their economy.
13:23The motion is adopted.
13:27That very evening, President George Bush ratified the plan.
13:34The heart of financial capitalism was partly nationalized,
13:38and all of the country's power was mobilized to extricate the nation from the Maya.
13:52The following day, Europe acted.
13:57France, Germany, Great Britain and Italy met in Paris in front of the world's cameras.
14:05It was time to come to an agreement.
14:12Nicolas Sarkozy, Angela Merkel, the British Prime Minister Gordon Brown,
14:17and the Italian PM Silvio Berlusconi had to admit that this was an emergency.
14:24We have uns darauf verständigt, dass wir natürlich ein coerentes vorgehen brauchen,
14:30bei dem es nationale verantwortlichkeiten für jeden Mitgliedstaat gibt.
14:33Three weeks after the crash, there was still no common plan of action.
14:39Only a will to regulate finance was expressed.
14:44La Commission, d'une part,
14:45les organismes de normalisation comptable, d'autre part,
14:48devront travailler en urgence
14:50pour que la question soit réglée avant la fin du mois.
14:56It would take ten years for this promised regulation to become mandatory.
15:04On the same day, BNP Paribas decided to buy the Fortis Group.
15:10The struggling Belgian bank and insurance company was saved within the day.
15:15The moral being, financiers are far more reactive than politicians.
15:26However, the imminent failure of the German bank Hypo Real Estate reshuffled the cards.
15:33Angela Merkel had pledged not to use any public money to rescue this struggling business.
15:39She backtracked.
15:42We say to the traders and traders that their assets are safe.
15:47That's why the government is the case.
15:50The astronomically expensive rescue mission could not slow the gathering storm.
15:56Investors had lost patience with the union's inability to find any common ground.
16:02On the 6th of October, the hysteria of the stock markets reached fever pitch.
16:06That day, 2,000 billion dollars went up in smoke.
16:12On the 7th, Angela Merkel persisted with her refusal to intervene.
16:17On the 8th, Britain was on the brink of disaster.
16:22The Royal Bank of Scotland, the world's richest bank, was just hours from capsizing.
16:30The UK began its partial nationalisation.
16:36Spain adopted a plan to support the banking sector to the tune of 30 billion euros.
16:42For naught.
16:44The disparate decisions taken by the member states did nothing to reduce the anxiety of the markets.
16:51Despite the colossal sums invested, Paris, London and Frankfurt fell by over 20%.
16:58It was the worst week for the stock markets in history.
17:08After further record falls in Wall Street, President Bush drummed up support.
17:14The citizens are rightly concerned.
17:16In an interconnected world no nation will gain by driving down the fortunes of another.
17:23We are in this together.
17:25We will come through it together.
17:29The message got through.
17:33Faced with the decline of the German financial system,
17:36Angela Merkel gave the green light to a European rescue plan.
17:41The Union's leaders finally had a common front.
18:06The plan cost 1,700 billion euros, more than twice the amount the USA had pledged.
18:13The price of four weeks of prevarication.
18:18While some 30 American financial institutions were lost,
18:23all the European banks were bailed out with public funds.
18:32The markets were back in business.
18:35For one day only.
18:38Then the downward spiral continued.
18:44On Christmas Eve, Belgium was mired in the Fortis scandal.
18:50Suspected of having sold its financial soul to the French bank BNP Paribas,
18:55the government fell.
19:00In Iceland, everything was going wrong.
19:07Following a resounding collapse, ruined investors demanded the heads of the imprudent bankers.
19:14The snowballs thrown at parliament were just the beginning of a long rebellion.
19:22In Latvia, the situation had suddenly deteriorated.
19:28In just a few weeks, public debt had doubled.
19:32Thousands of jobs were at risk.
19:34And the government was on the brink of being overthrown.
19:37The land was on the brink of being overthrown.
19:38The land was on the brink of being overthrown.
19:43The land was on the brink of being overthrown.
19:43Neighboring Lithuania was also severely affected.
19:51I wish my life was going to work in Lietuvo.
19:54I wish to ride my life in Lietuvo.
19:54We shouldn't travel.
19:55We should all the people now live in immigration.
20:03Em Irlanda, o desempenho foi forte e o país entrou em recessão.
20:11Mas o governador do ECB não foi panique.
20:16Para toda a zona euro, os experts da Banco Central Europeuense
20:22dizem que temos uma crescimento ralentida.
20:25Eu não pronuncio mais outra palavra que isso, uma crescimento ralentida.
20:55As pessoas, as pessoas e as populações mais vulneráveis de nossas sociedades.
21:01A medidas que foram colocadas para re-capitalizar os bancos
21:04estão já aumentando o nível de gasto.
21:10Em late 2008, os consequências da crise foram reconhecidos.
21:15Foi hora de fazer ação.
21:242009 começou com a fresh hope.
21:28Newly-elected American Presidente Barack Obama
21:31approved a recovery plan of a magnitude not seen since World War II.
21:36Preserve, protect and defend the Constitution of the United States.
21:39So help you God?
21:40The equivalent of the U.S. defense budget
21:43was spent on the unemployed, education and tax cuts.
21:49In Europe, the opposite happened.
21:52The recovery sounded like a raft of generous promises.
21:56France only pledged 26 billion euros.
22:00Its partners announced amounts that were equally derisory
22:03in view of the hundreds of billions promised to save the financial sector.
22:09The European strategy was the world's least ambitious
22:12when it was the most severely afflicted continent.
22:18The banks that had only just been bailed out
22:21closed lines of credit.
22:26Hundreds of businesses
22:27had to abruptly postpone investments and job offers.
22:34While the number of redundancies in France had grown twofold,
22:38unemployment in Denmark had already doubled
22:40and tripled in the Baltic states.
22:46In Latvia, it touched 20%.
22:50Spain had 800,000 new unemployed.
22:54One young person in three was jobless.
23:07In autumn 2009,
23:10one year after the collapse of Lehman Brothers,
23:12the European Union was still in the doldrums.
23:19People in Spain, Ireland and Portugal
23:22had lost their jobs and their savings.
23:25While America showed signs of recovery,
23:28Europe transformed a financial crisis
23:30into an economic crisis.
23:41On the 5th of November,
23:44a small country which had hitherto played no part in proceedings
23:47was thrust centre stage.
23:49Greece.
23:51Greece.
23:55The new Prime Minister,
23:57Giorgios Papandreou,
23:59revealed that public accounts
24:00had been falsified for years.
24:02The country's deficit
24:04was twice what had been declared.
24:06It broke the ceiling
24:08authorised by the Union.
24:11Greece had Europe
24:12quaking in its boots.
24:16The German finance minister,
24:18Wolfgang Schroedler,
24:19was scathing.
24:47Germany would not help Greece.
24:49neither would the ECB.
24:53Its governor refused categorically.
24:57European treaties were binding.
25:00Officially,
25:01a central bank could only lend to other banks.
25:06What Jean-Claude Trichet deliberately omitted to mention
25:09was that the European Central Bank
25:11had been covertly repurchasing toxic subprimes
25:15so that they disappeared from the bank's balance sheets.
25:19Her practice also absent from any treaties.
25:27month by month,
25:29the situation deteriorated.
25:33In late March 2010,
25:35Ireland was still sinking.
25:40Spain and Portugal were reeling.
25:43As their debts grew,
25:45their hopes of growth were vanishing.
25:49Greece,
25:50left to its own devices,
25:52was broke.
25:53Europe was subsiding.
25:55The stock markets were frantic.
25:57Indexes plummeted.
25:59Old Europe's instability
26:01was a threat to the world.
26:08After six long months of pussyfooting,
26:11the Europeans decided to act.
26:17A hundred and ten billion euros
26:21were given to private banks.
26:23It would be up to them
26:24to decide on lending conditions.
26:27Delinquent Greece
26:28would no longer have the benefit
26:29of the preferential rates
26:31accorded to its partners.
26:33Interest on its debts
26:34went through the roof.
26:36Athens would pay a high price
26:38for its life jacket.
26:40It's a severe program,
26:42but it's a program
26:44that is absolutely necessary.
26:50Neither Greece
26:51nor the other stricken countries
26:53would get any grace
26:54from the banks.
26:56On the contrary,
26:58these indebted states
26:59would fill their coffers
27:00which had been emptied
27:01by the subprimes.
27:11The people of Greece
27:13were not prepared
27:13to accept this.
27:32As its ministers endorsed
27:34the most severe austerity program
27:36ever inflicted
27:37on a modern democracy,
27:39the people of Athens
27:40marched on parliament.
27:43The building was stormed.
27:52An entire nation
27:54rose up against the measures
27:55demanded by the union.
28:00These included
28:02salary reductions,
28:04raising the retirement age
28:06and higher prices.
28:10with one of the lowest
28:12qualities of life
28:13in Europe,
28:13these sacrifices
28:14would drag the Greeks
28:16even further down.
28:25At the peak of the violence,
28:28a petrol bomb
28:29destroyed a bank.
28:31Three employees
28:32died of asphyxiation.
28:38Athens was all fire
28:39and tears
28:40deep into the night.
28:49The burning street
28:50reduced to cinders,
28:52the last hope
28:52for any confidence
28:53in the stock markets.
29:01The next day,
29:02the market plummeted
29:03at a more breathtaking rate
29:05than ever.
29:08The 110 billion euros
29:10allocated to Greece
29:11were a mere drop
29:12in the ocean
29:13of the 1,000 billion euros
29:14of losses
29:15on that afternoon.
29:19The situation
29:20was even more critical
29:21than when Lehman Brothers
29:22collapsed.
29:27At the ECB's headquarters,
29:30tension was at its peak.
29:37The institution's non-intervention
29:39in the Greek rescue operation
29:41disconcerted all those involved
29:43in the stock markets.
29:44Many were already betting
29:46on its implosion.
29:50Following international pressure,
29:52a European summit
29:53was urgently organised
29:55in an apocalyptic atmosphere.
29:59A shocked and pale
30:00Nicolas Sarkozy
30:01lambasted the ECB.
30:05Come on, come on,
30:07stop hesitating!
30:10The weekend's priority
30:12was to give Europe back
30:13some credibility
30:14before the Asian markets
30:15opened on the following Monday.
30:18The solution was to award Greece
30:21a financial stability fund.
30:24The cost of the operation
30:25was 750 billion euros.
30:28Such was the price
30:30of procrastination.
30:32Finally, the ECB
30:33stuck its neck out
30:34by buying back
30:35a portion of the Greek debt.
30:39Europe was getting out of trouble,
30:41but at what cost?
30:45Despite his setback on Greece,
30:48Jean-Claude Trichet
30:48did not drop his guard.
30:55Ireland,
30:56which was barely managing
30:57to stay afloat,
30:58considered begging
30:58its banks for help.
31:02A well-argued letter
31:03convinced them
31:04to do otherwise.
31:07As a last resort,
31:09the Celtic Tiger
31:10turned to the European Union.
31:15financial aid was awarded
31:17in return for four years
31:19of budgetary rigour.
31:22Hikes in income tax,
31:24new taxes and charges,
31:25cuts to social welfare
31:27and the public sector pay bill.
31:29These are just some
31:30of the measures
31:30to take 15 billion euro
31:32out of the economy.
31:34Austerity was visited
31:35upon the Irish people.
31:40Anger spilled onto the streets.
31:56fight this government
31:58against the lowest pay.
32:01They are cutting
32:03only that they are cheap.
32:06they are the worst finance minister
32:11in the whole of Europe.
32:19In the economic miasma
32:21of late 2010,
32:22the public deficits
32:24of the EU countries
32:25got deeper.
32:32only one country's accounts
32:34were in the black.
32:36Estonia's.
32:40Its budgetary rigour
32:41had paid off.
32:43The small Baltic state
32:44proudly celebrated
32:45its accession to the Eurozone,
32:47barely seven years
32:48after it had joined the Union.
32:56Its garlands were well-deserved.
33:05This was an exceptional triumph.
33:08After two years of the crisis,
33:10austerity remained the norm.
33:17The following summer,
33:18Spain and Italy
33:19had to fall into line
33:22with the introduction
33:23of large-scale privatisation,
33:26a revision of redundancy procedures,
33:28a reduction of public spending,
33:31a reduction in state pensions
33:33and civil servants' salaries.
33:36While denying that this was an ultimatum,
33:39Europe's big financial backer
33:41defended its letters
33:42and justified them.
33:44Notre doctrine
33:45est toujours
33:46de prendre les décisions
33:48qui nous permettent
33:49de donner la stabilité des prix
33:51à nos concitoyens,
33:52les Français
33:53et les 330 millions
33:55de concitoyens européens.
33:58The millions of citizens concerned
34:00were far from in agreement
34:02with the ECB's doctrine.
34:18The beleaguered people of Spain,
34:20Italy, Portugal, Ireland
34:22and the UK
34:23began to stand up
34:25to the diktats of austerity.
34:33They're trying to take
34:34from my child benefit
34:35which keeps my children at school,
34:37feeds my children
34:38and my car will be off the road
34:40if they take from my child benefit.
34:42I do feel that the government
34:43is grabbing the poor
34:46and the working people
34:48and bankers are still getting
34:49very big bonuses
34:50and I think it's
34:52it's a little disgusting
34:53to say the least.
34:54Don't you say
34:55that they're going to call us
34:56in our old age pension?
34:58We've only 230 coming out then.
35:01We won't pay!
35:02No way!
35:03That's why we're angry.
35:05No way!
35:05No way!
35:05No way!
35:05No way!
35:06No way!
35:07No way!
35:08No way!
35:10No way!
35:12Europe's capitals
35:13were in turmoil.
35:21A feeling of injustice
35:23led to grievances.
35:35The sense of betrayal
35:36by the Union's leaders
35:38was the cornerstone
35:39of the opposition.
35:47The economic crisis
35:48was followed by
35:49a social crisis
35:50of unprecedented magnitude.
36:01The forces of law and order
36:03were frequently overwhelmed
36:05by an anger
36:06that wanted to take
36:06its revenge on the system.
36:10From mayhem in Madrid
36:12to looting in London
36:13the atmosphere
36:14was electric.
36:19In Brussels
36:20a demonstration
36:21by Dockers
36:22degenerated into riots.
36:29If we want to avoid
36:30collectively
36:31these explosions
36:32we need to change
36:33Europe's camels.
36:40But Europe
36:41held its course.
36:42Restrictions
36:43were imposed
36:44while those
36:45responsible
36:45for the financial
36:46fiasco
36:47went unpunished.
36:48The banks
36:50regained their impetus.
36:55Leading the charge
36:56were BNP Paribas
36:58the Deutsche Bank
36:59and three British banks.
37:04European finance
37:05had managed to weather
37:06the storm.
37:15Then the reluctant leaders
37:17began their merry dance.
37:19Top of the list
37:20Greek Prime Minister
37:21Georgios Papandreou.
37:24He wanted to put Greece's
37:26continued membership
37:27of the Eurozone
37:28to a referendum.
37:30This is a question
37:31of whether we want
37:33to remain
37:34in the Eurozone.
37:36The uncertainty
37:37of a popular vote
37:39was seen as far too
37:40great a threat
37:41to the stability
37:41of the EU.
37:43Forsaken by his
37:44European partners
37:45Papandreou
37:46was forced
37:47to backtrack
37:47and resigned.
37:52His replacement
37:53was none other
37:54than the former
37:55vice president
37:55of the ECB
37:56Lucas Papademos
37:58Jean-Claude Trichet's
37:59faithful right-hand man
38:01for eight years.
38:05Installed at the head
38:07of a transition government
38:08he began to apply
38:09the austerity necessary
38:11for Greece
38:12to remain
38:12in the Eurozone.
38:17former co-governor
38:18of the Bank of Greece
38:19it was on his watch
38:21that the falsification
38:22of public accounts
38:23that had thrown
38:24his country
38:24and the rest of Europe
38:25into chaos
38:26had begun.
38:29The same week
38:30it was Silvio Berlusconi's
38:32turn to be shown
38:33the door
38:34and be replaced
38:36by Mario Monti.
38:39A former financial expert
38:41with Goldman Sachs
38:42he held dual roles
38:44as Italian prime minister
38:45and finance minister.
38:48He instigated
38:49swinging budgetary measures
38:51notably on the health sector
38:53and increased taxes.
38:58Bankers were seizing power
39:00in Europe.
39:05In late 2011
39:07Jean-Claude Trichet's reign
39:08came to an end.
39:11in one of life's
39:13little ironies
39:13his successor
39:14Mario Draghi
39:15was the former
39:16vice president
39:17of Goldman Sachs
39:18the bank
39:19that had created
39:20the financial products
39:21at the root
39:22of the subprime crisis.
39:24He very quickly
39:25implemented
39:26a new obduacy.
39:28The ECB
39:30is prepared
39:30to take
39:31all necessary measures
39:32to preserve the Euro.
39:33Draghi was adamant.
39:35the ECB
39:37would intervene
39:37in the event
39:38of any problem.
39:39The markets
39:40were mollified
39:41confidence
39:41was restored.
39:45But four years
39:47of indecisiveness
39:48had polarized opinion.
39:51In the polling booths
39:53the
39:53sick of it
39:54party
39:55often did well
39:56either by record
39:57levels of abstention
39:58or by unseating
39:59those in power.
40:01In one election
40:02after another
40:03the governments
40:04that had imposed
40:05austerity
40:05were punished.
40:09With the exception
40:10of Angela Merkel
40:11in Germany
40:11all the heads
40:13of state
40:13incumbent
40:14at the time
40:15of the subprime
40:15crisis
40:16were swept aside
40:17by popular suffrage.
40:20Only austerity
40:22withstood
40:22popular anger.
40:24But the sense
40:25that the financial
40:26world had gone
40:27too far
40:28was growing.
40:35as proved
40:36by the emergence
40:37of a number
40:38of anti-system parties
40:39such as the Front de Gauche
40:40or Leftist Front
40:42in France.
40:46New figures
40:47appeared
40:48on the political stage
40:49such as the postal worker
40:51Olivier Bezancenou
40:52who founded
40:53the new
40:53anti-capitalist party.
41:00In Spain
41:01the indignant ones
41:03occupied the Puerta del Sol
41:04for several months.
41:10This movement
41:11was founded
41:12by young graduates
41:13who were bearing
41:13the full brunt
41:14of unemployment
41:15blamed the traditional
41:16parties for the crisis
41:18and called
41:19for direct democracy.
41:23The spontaneous
41:24surge
41:25soon gave rise
41:26to a genuine
41:27political force
41:28in Podemos
41:29led by Pablo Iglesias.
41:33Podemos
41:33es una escoba
41:34una escoba
41:36para barrer
41:36la sociedad
41:37y una escoba
41:38que funcionará
41:38en la medida
41:39en que esté
41:39en las manos
41:40de los ciudadanos.
41:45Not far behind
41:46in Greece
41:47Syriza
41:48a brand new
41:49radical left-wing
41:50party
41:50led by Alexis Tsipras
41:52acted as the
41:53arbiter
41:54in the country's
41:54chess game.
42:06In Italy
42:07the five-star
42:08movement
42:08led by
42:09Beppe Grillo
42:10a comedian
42:11turned political
42:12agitator
42:12effected
42:13a remarkable
42:14breakthrough.
42:18The popularity
42:20of a party
42:20driven by
42:21an entertainer
42:22terrified
42:23the established
42:23order.
42:30From the beginning
42:31of the crisis
42:31nationalist movements
42:33had been gaining
42:33in influence
42:36in Hungary
42:37Croatia
42:38and Finland.
42:41Even Germany
42:43saw a resurgence
42:44of the extreme
42:44right
42:45in the shape
42:45of the AFD.
42:48its leader
42:49Bernd Lucke
42:50advocated
42:51leaving the Euro.
43:02A fervent
43:03Eurosceptic
43:04he decried
43:05and taunted
43:05the powers
43:06that be.
43:09Despite
43:10being newly
43:11founded
43:11the party
43:12got two
43:13million votes
43:14in the elections.
43:22The crisis
43:23discredited
43:24the entire
43:25European
43:25political
43:26class.
43:28Traditional
43:28parties
43:29found themselves
43:30more diminished
43:30than ever
43:31before
43:32by movements
43:32that shared
43:33a common
43:34visceral
43:34rejection
43:35of the EU's
43:36institutions.
43:43In the European
43:44elections of 2014
43:45a number of
43:47Eurosceptic parties
43:48became their
43:49nation's leading
43:50political force
43:51like the Front
43:52National in France
43:53or UKIP
43:54the UK
43:55Independence
43:55Party
43:56whose leader
43:57Nigel Farage
43:58was passionately
43:59Europhobic.
44:02I don't just
44:03want Britain
44:04to leave
44:05the European
44:05Union
44:05I want
44:06Europe
44:06to leave
44:07the European
44:07Union
44:08I don't
44:08believe
44:09that flag
44:09that anthem
44:10and that
44:11president
44:11whose name
44:12no one
44:12knows
44:12really
44:13represent
44:13what
44:14Europe
44:14should
44:14be.
44:15And then
44:16you win!
44:18For the first
44:19time in the EU's
44:21history
44:21a group
44:22of extreme
44:22right-wing
44:23MPs
44:24could influence
44:24the European
44:25Parliament's
44:26decision.
44:42But Euro-sceptics
44:44in Britain,
44:44France,
44:45Austria
44:45and the
44:46Netherlands
44:46were far too
44:47disparate
44:48to form
44:49a united
44:49front.
44:50The
44:51traditional
44:51parties
44:52remained
44:52in control.
44:58In 2015
44:59austerity
45:01remained
45:01the rule
45:02of thumb
45:02throughout
45:02the Union.
45:04Romania
45:05was staring
45:06into the
45:06abyss.
45:07Its
45:08postal
45:08services,
45:09public
45:09transport,
45:10its
45:10aeronautical
45:11and energy
45:11industries,
45:12the whole
45:12country
45:13was for
45:13sale
45:14to try
45:14and pay
45:15off its
45:15debts.
45:16Retirement
45:17and wages
45:18were in
45:18freefall.
45:37While Romania
45:38was selling
45:39off its
45:39public
45:40services,
45:41Greece
45:41was allowing
45:42its healthcare
45:43system
45:43to rot.
45:46Many Greeks
45:47had no
45:48social safety
45:48net.
45:50They had
45:51to go
45:52cap-in-hand
45:53to NGOs
45:53to get
45:54treatment
45:54or rely
45:56on the
45:56charity
45:56of those
45:57hospitals
45:57that were
45:57still open,
45:58they too
45:59being short
46:00of equipment
46:00and drugs.
46:04Life expectancy
46:05in Greece
46:06in 2015
46:07was in
46:07decline.
46:14In the
46:14nations of
46:15southern Europe
46:16a growing
46:16number of
46:17medical staff
46:17opted to
46:18emigrate.
46:20Half of
46:21these were
46:22from Italy
46:22which was
46:23afflicted by
46:23drastic
46:27restrictions.
46:42Lombardy
46:42was the
46:43worst
46:43affected
46:43region.
46:45The
46:46lack
46:46of
46:46healthcare
46:46workers
46:47was
46:47critical.
46:51Saving money on public health was a strategy employed by many EU countries.
47:12Budget minister Eric Wörth had been planning this since the beginning of the crisis.
47:16And France lost over 6,000 hospital beds a year for 10 years.
47:26The undisputed champion of budget cuts was Ireland, which closed half of its hospital beds.
47:36To make matters worse, social services warned that one Irish child in five was in food poverty.
47:53It was the UK that was to experience the worst issues. The social cost of seven years of austerity was
48:00horrific.
48:05Many libraries, nurseries and homeless shelters were closed, causing ever greater hardship for society's most vulnerable, whose numbers kept growing.
48:15Reliance on food banks doubled each year.
48:20In the eyes of Prime Minister David Cameron, the onus of responsibility lay with Europe.
48:29We will give the British people a referendum with a very simple in or out choice.
48:38This was a boom for the UK Independence Party, who had been clamouring to leave the EU for years.
48:49Its leader, Nigel Farage, led the campaign, supported by a number of Conservatives, including the Mayor of London, none other
48:57than Boris Johnson.
48:58Thank you very much. Thank you for coming. Can you hear me?
49:01Euro-scepticism turned to Euro-phobia.
49:06There we are. It is 10 o'clock. The polls are closed across the United Kingdom. We have made a
49:13decision and there is no going back.
49:16On the 23rd of June 2016, the unthinkable happened. The British people voted to leave the EU.
49:24Brexit marked the end of an era.
49:29Never before had Europe been so brittle.
49:3812 years after the collapse of Lehman Brothers, the majority of large European countries had still not recovered.
49:47Only Germany was enjoying a resurgence.
49:50Its pre-crisis dynamism had returned.
49:55But Great Britain, France, Spain and Italy were still counting the cost of the sub-prime crisis.
50:03It was these same countries that, with the advent of the Covid-19 pandemic, blithely opted against preventive measures.
50:14In March 2020, Lombardy, desperately short of doctors, became the hotspot of the health crisis.
50:28Short of hospital beds, France had to send its sick to Germany.
50:36Reluctance to open new areas of expenditure once again proved to be the wrong decision.
50:42This misjudgment plunged Europe into a new abyss of debt.
50:56Well after the initial crash, the myth endured.
51:00The sub-prime crisis was an American creation.
51:04And Europe, its innocent victim.
51:06But the evidence was irrefutable.
51:09A lack of cohesion on the part of its leaders, delayed decisions, the choice to rescue the banks to the
51:16detriment of recovery, and the implementation of overly severe austerity, did no more than deepen the crisis and prolong its
51:23debts.
51:24A story without an end.
51:29Over to murder.
51:32O que é isso?
52:02O que é isso?